September 29, 2024
Baghdad
The researcher and specialist in the financial and banking aspect, Mustafa Hantoush, commented on the participation of Prime Minister Mohammed Shia Al-Sudani in a dialogue session held by the American Chamber of Commerce and Al-News Outlet by saying: “The economic relationship between Iraq and America is based on Iraq's dependence on oil, which is an “American equation” as well as the strategic framework agreement under which the Federal is the recipient of the Iraqi dollar from oil.”
Hantoush told Iraq News Outlet that most of Iraq's reserves are in dollar currencies in addition to US Treasury bonds, and thus the relationship must be stable and be according to clear plans.
Prime Minister Mohammed Shia Al-Sudani participated in New York, after midnight yesterday, in a dialogue session held by the American Chamber of Commerce and the News Outlet, in the presence of a group of investors, businessmen and representatives of American companies, and the Iraqi-American Business Council.
During the session, Al-Sudani referred to the new reality of Iraq, which is witnessing an economic and developmental renaissance in all its sectors, and also took great steps in the field of energy and associated gas investment, which has been wasted for years and the country suffered losses estimated at billions of dollars, due to the import of gas and oil derivatives.
Project Series
Al-Sudani stressed that the government has embarked on a series of rapid projects, including the important agreement with Total, which will contribute to increasing oil production and the investment of associated gas by (600) million standard cubic feet, as well as offering the annex to the fifth round and the sixth rounds, and coming up with contracts for oil production and gas investment, indicating that after 2028, Iraq will achieve self-sufficiency from gas, in addition to activating oil derivatives projects, including the Karbala strategic refinery, whose production capacity reaches 140,000 barrels per day, as well as the rehabilitation of the Baiji refinery, which was completely destroyed during the battles for the liberation of Baiji, and its production capacity is 150 thousand barrels per day.
The following are the highlights of the Prime Minister's speech during the dialogue session:
With the taking of my duties as head of the government, the investment of associated gas was less than 40 percent, and now the percentage has risen to about 70 percent.
We have finished the import of petroleum derivatives, and we will stop importing gasoline at the beginning of next year, after completing the FCC project in Basra.
Iraqi-American Partnership
They are ready to partner with American companies in the oil industry.
Our vision is to convert 40% of exported oil into manufacturing industries, which will give us more benefits than selling crude oil.
Our policy is based on diversifying the contracting entities that invest our oil and gas fields without specific conditions.
The licensing round procedures are clear and transparent and there is no favoritism or preference for one company over another.
Development is not achieved without a sober banking sector that operates according to international approved standards, and 95% of remittances in Iraqi trade are made through reliable banks.
The currency sale window will be closed at the end of this year, and the central bank's money laundering office is working effectively.
Banking sector reform
The government contracted with Ernst & Young to reform the public banking sector, and we strengthened citizen confidence in banks and expanded financial inclusion.
Iraq today is going through a stage of stability and unprecedented recovery since 2003, which is an opportunity to support the transition from the stage of wars and conflicts to the stage of development and stability.
A stable Iraq in a sensitive area is beneficial to the world, which is what we have seen since October 7, as Iraq maintained balance and calm greatly, and we distanced Iraq from the arena of conflict.
Our security forces have reached an advanced stage of capacity and efficiency, and we have embarked on an armament program to enhance its capabilities, and ISIS today does not pose a threat to our security.
We need American small and medium companies to establish partnerships with Iraqi companies.
Riyada initiative
We work to create job opportunities for young people by activating the private sector or supporting their own projects, through several programs, including the (Riyada) initiative.
The volume of projects granted to investment will provide a large number of jobs, and the need for companies operating in Iraq to open training centers to develop the abilities of young people.
We have confirmed to companies operating in the electricity sector to establish station maintenance centers in order to speed up the completion and reduce the cost.
The government has a clear trend to support the agriculture sector, farmers and farmers in transition to use modern irrigation technologies that we have supported by 30%.
We provided loans to workers in the food industry sector of all kinds, part of which is covered by sovereign guarantees.
The Central Bank has independence and it exercises its powers with full professionalism, and our intention is to establish a new bank that adopts the latest technologies.
We invite all companies working in the field of electronic payment to work in Iraq and we will provide them with all the facilities.
We have developed a plan for infrastructure development, with allocations of up to $83 billion.
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This question is answered quite simply, in the dollar auctions effectively are done now at a 95% rate. What liitle is left over can be sorted easily and no longer a worry nor having any significant negative impact on Iraqs economy..
The impacts that are going to be noticed more and more is how well the development plans get implemented around the country once the invest money is released and the private sector gets running on all cylinders.
The security situation looks to be ready and is advanced in their capabilities now.. This article is answered by what it contains and the is the road map Al Sudani has laid freshly out before us.. imo ~ MM | | | |
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